GREEN LAKE UTILITY COMPANY LTD.

Transcription

1 Financial Statements Pliska Vidal & Co.

2 Pliska Vidal & Co. Accountants Post Office Box 1270 Meadow Lake, SK S9X 1Y9 Phone (306) Fax (306) INDEPENDENT AUDITOR'S REPORT To the Directors of Green Lake Utility Company Ltd. We have audited the accompanying financial statements of Green Lake Utility Company Ltd., which comprise the balance sheet as at December 31, 2016, and the statements of revenues and expenditures and changes in surplus for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion Note 1 to the financial statements describes the policy to record capital asset additions as expenditures in the year acquired. In this respect the financial statements are not in accordance with Canadian generally accepted accounting principles. Qualified Opinion In our opinion, except for the effects of the capital assets being recorded as expenditures, as described in the preceding paragraph, these financial statements present fairly, in all material respects the financial position of Green Lake Utility Company Ltd. as at December 31, 2016 and the results of its operations for the year then ended in accordance with Canadian generally accepted accounting principles. Meadow Lake, Saskatchewan March 15, 2017

3 Balance Sheet December 31, ASSETS CURRENT Cash $ 66,892 $ 50,886 Accounts receivable 4,000-70,892 50,886 CAPITAL ASSETS (Note 1) 16,503 16,503 $ 87,395 $ 67,389 LIABILITIES AND SURPLUS SURPLUS $ 70,892 $ 50,886 INVESTMENT IN CAPITAL ASSETS 16,503 16,503 $ 87,395 $ 67,389 ON BEHALF OF THE BOARD Chairperson

4 Statement of Revenues and Expenditures REVENUE Rent $ 48,000 $ 48,000 Donations 20,000 40,000 Other income 84-68,084 88,000 EXPENDITURES Bank charges and interest Bookkeeping 17,186 17,186 Honorariums 4,700 3,500 Insurance 2,131 2,189 Miscellaneous Postage and office Professional fees Salaries and benefits 22,926 21,645 48,078 45,684 EXCESS OF REVENUE OVER EXPENDITURES $ 20,006 $ 42,316

5 Statement of Changes in Surplus Surplus Investment in Capital Assets SURPLUS - BEGINNING OF YEAR $ 50,886 $ 16,503 $ 67,389 $ 25,073 Excess of revenue over expenditures 20,006-20,006 42,316 SURPLUS - END OF YEAR $ 70,892 $ 16,503 $ 87,395 $ 67,389

6 Notes to Financial Statements 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Capital assets Capital assets are recorded at cost and capital asset additions are included in current year expenses. Capital assets are not amortized.